LONDON, UK: Vulcan Industries plc (AQSE: VULC) has acquired the entire share capital of Aftech Ltd and its dormant parent firm from Unity Global – FZCO. Aftech is a sheet metal fabrication firm specialising in laser cutting, bending and forming. Aftech enhances the existing fabrication companies inside the Group by introducing additional capacity, capabilities and skills.
For the year ended 30 November 2021 Aftech reported unaudited income of £1,182,000 and unaudited normalised EBITDA of £266,000. At completion, the Aftech Group is anticipated to have unaudited net assets of £940,000 and unaudited borrowings of £155,000. The acquisition is anticipated to be instantly earnings enhancing.
The total consideration payable is £1.55 million to be satisfied by the issue of 123,307,433 new ordinary shares of £0.0004 every at a price of 1.257p decided by the VWAP calculated for the 15 days previous to completion.
In addition, the Company will issue 24,661,486 warrants with an train price of £0.03 with an expiry date of 30 June 2023 to the vendor.
In total the Consideration Shares will represent roughly 22.4% of the enlarged share capital of the Company and along with the warrants roughly 25.8% of the fully diluted share capital.
Of the consideration shares, 100,000,000 new ordinary shares have been allotted on completion and the issue of the remaining 23,307,433 consideration shares and the Vendor Warrants have been deferred, pending the receipt of the necessary authorities on the subsequent general assembly of the Company.
Ian Tordoff, Executive Chairman, “We are delighted to be working with Unity Group who’ve launched Aftech. Aftech are already showing the advantages we expect them to bring to the Vulcan Group and can head the event of our fabrication activities.”
Vulcan seeks to purchase and consolidate conventional however traditionally worthwhile engineering, manufacturing, and industrial SMEs for worth and to improve this worth in half through group synergies, however primarily by unlocking growth which isn’t being achieved as a standalone private company.
www.vulcanplc.com